This narrow cloth flag is made to attach to the end a knight’s lance, though it can be flown from a spear, polearm, or even a staff. It has no effect if not mounted appropriately.
A knight’s pennon grants different benefits depending on its color and design.
Battle: The red knight’s pennon of battle allows its bearer to benefit from heroism once per day.
Honor: The gold knight’s pennon of honor bestows protection from evil upon the bearer once per day.
Parley: The white knight’s pennon of parley, when displayed approaching a negotiation, grants the bearer a +4 enhancement bonus on Bluff, Diplomacy, Intimidate, and Sense Motive checks for 1 hour, so long as the bearer does not initiate any hostile action.
Advanced Player’s Guide. Copyright 2010, Paizo Publishing, LLC; Author: Jason Bulmahn.